Saint Francis Hospital and Medical Center: Nurturing a Healthy Community and Economy

 (Hartford, Conn. January 30, 2013)  Saint Francis Hospital and Medical Center is a cornerstone of our community – caring for residents 24 hours a day, seven days a week.  Providing accessible, high-quality hospital care is an essential element of the quality of life for our communities.  In addition to caring for the well-being of our communities, Connecticut hospitals also serve as bedrock economic engines for our communities and the state, providing enormous benefits that drive growth in the health and medical fields as well as numerous other industries.  Saint Francis, like its peers, makes a tremendous impact on the financial health of our local community and state. 

Saint Francis spends millions of dollars each year on staff, medical supplies and food, and equipment and facility updates.  These dollars have a “ripple effect” as they move through the larger economy, generating additional jobs and spending in our community, as well as large sums of tax revenue used to fund state and federal programs. 

In total last year, Saint Francis had a direct economic impact on our community of more than $1,737,309,000.

Saint Francis Provides Jobs in Our Community  

Saint Francis employs 3,600 full-time employees, with a total payroll of $302,564,000.

Dollars earned by Saint Francis employees and spent on groceries, clothing, mortgage payments, rent, etc., generate approximately $326,618,000 in economic activity and create an additional 3,600 jobs for the local economy. 

Saint Francis is a Major Purchaser of Goods and Services  

Each year, Saint Francis spends about $300,294,000 on the goods and services it needs to provide healthcare – e.g., medical supplies, electricity for its buildings, and food for patients.  Funds spent to buy goods and services flow from the hospital to businesses and then ripple throughout the economy.  These dollars generate a total of approximately $324,168,000 for the local economy. 

Funds spent by Saint Francis on buildings and equipment total $232,587,000.  This expenditure generates approximately $251,078,000 in total for the local economy per year.

Saint Francis Hospital and Medical Center Construction 

Construction activity at Saint Francis also affects the local economy.  The most recent major construction project at Saint Francis was the building of the John T. O’Connell Tower, totaling $184 million.  In fiscal 2013, total construction will be over $10 million.  These projects generate local jobs and revenue, and result in improved healthcare delivery for the community.

Ensuring the Financial Health of Connecticut’s Hospitals 

Generations of families have come to rely on Saint Francis to care for them in sickness and in health.  It is critical that Saint Francis and all Connecticut hospitals be financially strong and stable.  Investing in healthcare is a good investment for the state. 

Hospitals have smart, effective solutions that offer a win for everyone:  better access to providers for patients, lower costs for the state, and better reimbursement rates for providers.  The legislature and citizens should all work together to keep Connecticut hospitals strong and stable.

About Saint Francis Care 

Saint Francis Care is an integrated healthcare delivery system established by Saint Francis Hospital and Medical Center, an anchor institution in north central Connecticut since 1897.  Licensed for 617 beds and 65 bassinets, it is a major teaching hospital and the largest Catholic hospital in New England.  Other major entities of Saint Francis Care include The Mount Sinai Rehabilitation Hospital, the Connecticut Joint Replacement Institute, the Hoffman Heart and Vascular Institute of Connecticut, the Saint Francis/Mount Sinai Regional Cancer Center, the Joyce D. and Andrew J. Mandell Center for Comprehensive Multiple Sclerosis Care and Neuroscience Research, and Saint Francis HealthCare Partners.  Its services are supported by a network of five major Access Centers and eight additional medical office centers sited throughout the region.  For more information, visit www.stfranciscare.com.

NOTE: This analysis is based on the statewide multipliers from the Regional Input-Output Modeling System (RIMS II), developed by the Bureau of Economic Analysis of the U.S. Department of Commerce.  It uses data from the 2011 Medicare cost report.  RIMS II provides an accounting of “inputs” purchased and “outputs” sold by an industry in the state.  The spending of one industry will have several rounds of ripple influence throughout the state economy—this is known as the multiplier effect.  RIMS II regional multipliers measure both the direct and indirect impact on the state economy from a specific industry.  The number of jobs is based on full-time equivalents.